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Weekly Funding Highlights – 22 March 2023

New week – new closed funding rounds! This week’s funding highlights cover personal finance, AI software, data, security,  and many more! Take a look at some major investments of this week.

Payroll firm raises $500m in 12 hours after SVB failure
Rippling, a workforce management software provider that helps firms with things like payroll, benefits and expenses, raised $500 million in funding in the space of 12 hours as it looked to shore up finances in the wake of Silicon Valley Bank’s collapse. In a blog detailing the scramble, Rippling CEO Parker Conrad reveals that the firm secured the funding in a round led by Greenoaks at the same $11.25 billion valuation it had at a more conventional May 2022 raise. When SVB went into FDIC receivership last Friday, Rippling was faced with over 50,000 employees of its clients in danger of not getting paid. Rippling, writes Conrad, decided to extend nearly $130 million of its own capital to fund customers’ payments to their employees. Read more

TTV Capital raises $250 million for early-stage fintech fund
Atlanta-based TTV Capital, an early-stage fintech venture capital firm, has closed its sixth fund at $250 million, the largest since the firm was founded over two decades ago. The fundraise, which originally targeted $150 million, saw overwhelming interest despite the downtun in the fintech economy and was oversubscribed by $100 million. Read more

Fintech Startup Rain Raises $116 Million To Speed Up Hourly Workers’ Pay Cycles 
Rain is a four-year-old company that uses technology to advance employees, typically hourly workers, their wages shortly after a shift ends so they don’t have to wait for payday to have cash on hand. The Los Angeles-based business says it secured a $250 million valuation through a $116 million funding round made up of $66 million in equity and $50 million in debt. Read more

Spanish fintech ID Finance raises €30 million
Spanish alternative lending platform ID Finance has closed a €30M equity round led by Kingsway Capital. The transaction includes both a primary capital infusion and a buyout of shares from the company’s early investors. The capital injection is structured as a convertible loan with a maximum valuation of €235M. Read more

Vue Storefront secures USD 20 mln funding
Frontend-as-a-Service (FEaaS) Vue Storefront has raised USD 20 million of equity for its frontend technology startup to fuel expansion. Since 2022, the company has added customers like Berlin Brand Group, Zenith Watches, and Zadig & Voltaire with more than 50% of its pipeline coming from the US enterprise market. Read more

Two raises €18m for frictionless B2B transactions
Norwegian business-to-business payments firm Two has raised €18 million in a Series A funding round led by Shine Capital and Antler. Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club and Alliance VC joined the round, which brings Two’s total funding to €28 million. Despite representing $120 trillion in annual payment volume, Two claims that B2B commerce has lagged behind the consumer space in the last two decades. Read more

Cyber disaster recovery firm Fenix24 bags $5m
Fenix24, a cyber disaster recovery firm that is transforming the post-breach restoration process and impact, has raised $5m in funding. The investment came from Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member. Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm redesigned the recovery paradigm after recognising that traditional breach response could not manage foreign adversaries’ increasingly destructive tactics and the corresponding increase in business downtime and interruption. Read more

Ziglu bids to raise funds at a bargain-basement valuation
Ziglu, a UK-based cryptocurrency business that once commanded a $170 million price tag, is looking to raise £2 million to stay afloat at a massively discounted £10 million valuation. FCA-approved Ziglu lets Brits buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money. Last year, the company was on the verge of securing a $170 million sale to Robinhood. Read more

Cashlink completes Series A funding round
Germany-based tokenized asset infrastructure fintech Cashlink has successfully closed a mid-seven-figure Series A funding round. The Switzerland-based venture capitalist TX Ventures, Futury Capital, the investment management company Hessen and several business angels are coming on board as new investors. In addition, existing investors such as seed+speed, Panta Rhei, C3 Venture Capital, and DEWB participated in the financing round. The made a token-based investment in Cashlink at the end of last year. Read more

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